Wilmington, Delaware, United States, June 29, 2023 (GLOBE NEWSWIRE) -- The global geriatric care services market is anticipated to grow at a 7.3% CAGR from 2023 to 2028. A market valuation of US$ 0.7 billion is expected by end of the forecast period.
The presence of a diverse range of long-term care service providers, along with favorable reimbursement policies, is expected to contribute to market growth. Moreover, the rising population of the oldest old individuals, who are more susceptible to medical conditions like neurological, orthopedic, cardiovascular, and respiratory disorders, is another significant factor. Additionally, the advancement of technology, particularly the emergence of specialty robots designed to aid the elderly in their daily activities, is predicted to fuel market growth.
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The increasing demand for home care services for the elderly is another growth driving factor. This trend is expected to continue during the forecast period. The growing elderly population, along with the rising need for services catering to individuals above the age of 60 who suffer from chronic diseases, is a key factor fueling the market's growth on a global scale.
The prominence of elderly care has been amplified by the wide range of services available within the healthcare sector. A strong healthcare industry is crucial for the prosperity of a nation's economy. Due to these factors, the demand for geriatric care services is expected to rise rapidly in the coming years. Furthermore, the global population growth ensures a higher demand for elder care, thus driving the market's expansion in the future.
Key Takeaways from the Market Report
- The global geriatric care services market is expected to be worth US$ 0.49 billion as of 2023
- From 2023 to 2028, the market is projected to grow with a CAGR of 7.3%
- By home care, medical care segment is expected to grow with a CAGR of 7.8% during the forecast period.
- By institutional care, nursing homes segment is expected to grow with a significant CAGR of 7.1% during the forecast period.
- As per TMR projections, the demand for geriatric care services in China is anticipated to increase at a CAGR of 7.1% during the forecast period.
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Geriatric Care Services Market: Growth Drivers & Trends
- The increasing demand for home care services for elderly people is a key factor driving growth in the market.
- The implementation of government initiatives worldwide to enhance accessibility and affordability of social care services for the elderly population acts as a significant driving factor for market growth.
- The demand for geriatric care services is expected to rise due to a rise in combination of heightened comorbid conditions and a decline in the immune system activity among the elderly population.
- Growing investments from the government to bolster healthcare facilities is expected to propel market growth.
- Rising demand and growing preference for home care is anticipated to drive market growth.
Geriatric Care Services Market: Regional Analysis
- North America accounted for a revenue share of 39.4% in 2022 and is expected to dominate the market in 2023. The demand for geriatric care services in the region is expected to rise with a CAGR of 7.2% during the forecast period. The growth is attributed to key factors such as the continuous development of reimbursement policies and the presence of a wide range of long-term care centers across the United States.
- The market in Asia Pacific is expected to grow with a significant CAGR of 7.4% during the forecast period. The changing family structure, particularly in countries like China, is anticipated to increase the demand for external care providers, thus stimulating market growth. Additionally, the region's rapid growth can be attributed to factors such as a growing geriatric population with long-term medical conditions, increasing disposable income, and rising awareness of healthcare facilities catering to the elderly population.
Geriatric Care Services Market: Prominent Players
The global market for geriatric care services is characterized by several regional and global entities. Some key geriatric care services providers profiled by TMR include:
- Amedisys Incorporated
- Brookdale Senior Living Incorporated
- Extendicare Incorporated
- Genesis HealthCare Corporation
- Gentiva Health Services Incorporated
- GGNSC Holdings
- Home Instead Senior Care Incorporated
- Kindred Healthcare Incorporated
- Senior Care Centers of America
- Skilled Healthcare Group Incorporated
- Sunrise Senior Living Incorporated
Prominent developments in the geriatric care services market domain by key players are as follows:
- Sunrise Senior Living Inc. and Royal Philips collaborated in 2021 to introduce advanced senior care technology at Welltower's flagship Manhattan community, enhancing their global service portfolio.
- Genesis Healthcare Corp. partnered with Next Healthcare Capital to enhance their position in the nursing home segment and expand their patient base, involving 15 skilled nursing facilities.
- Century Therapeutics and Bristol Myers Squibb entered into a research collaboration and license agreement in January 2022 to develop and commercialize multiple programs utilizing induced pluripotent stem cell (iPSC) derived, engineered natural killer cell (iNK) and/or T cell (IT) therapies for hematologic malignancies and solid tumors.
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Geriatric Care Services Market- Key Segments
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